Hong Kong-based container shipping company Orient Overseas (International) Ltd has cut its capacity on routes to Europe by 20 percent, Chairman and Chief Executive Tung Chee Chen said on Friday, Reuters reports. "Asia-Pacific is good and growing. The problem is Asia to America and Europe," Tung told reporters on the sidelines of a logistics and marine services conference.
He also said the global container shipping industry had lost money in the third quarter and he was not optimistic about the industry's 2012 business outlook.
He also said the global container shipping industry had lost money in the third quarter and he was not optimistic about the industry's 2012 business outlook.